In addition to receiving $15 per share, Leap shareholders retain a contingent right to the net proceeds from the sale of Leap's 700 MHz A Block spectrum covering Chicago. Leap in 2012 bought those licenses for $204 million.

Through the transaction, AT&T will inherit 4.6 million prepaid customers as well Leap assets including spectrum and network equipment. AT&T will gain access to Leap’s spectrum licenses in 1900 PCS and 1700 MHz and 2100 MHz AWS.

Though the FCC has given its blessing, the Commission indicated in a filing that “remain[s] concerned about the potential for the proposed transaction to result in certain public interest harms.”

AT&T has agreed to certain caveats in order to cool the FCC’s lingering skepticism. AT&T has agreed to the divesture of some of Leap’s spectrum assets in some markets to ensure competitors have access to spectrum. AT&T has also agreed to a 90 days to 12 months timetable from the date of closure for deploying LTE services on Leap’s unused spectrum. AT&T additionally agreed to build out LTE coverage for six markets in south Texas within 18 months of closing the deal.

On top of that, AT&T has agreed to offer lower rates for value-conscious and Lifeline customers, device trade-in credits prior to shutting down Leap’s CDMA network and to honor existing CDMA roaming agreements. AT&T also plans to sell off Leap’s interest in Flat Wireless and not exercise any shareholder rights within that company before the stake is sold.